KIC to invest in Abu Dhabi fund

State-run Korea Investment Corp (KIC) said on Thursday that it would invest $50 million in an infrastructure investment fund managed by a group including Abu Dhabi's Mubadala Development Company.

KIC, which manages money entrusted by South Korea's government and central bank, said in a statement that it would invest the money in the MENAT fund managed by Mubadala Infrastructure Partners Fund, a unit of the Abu Dhabi company.

It said the MENAT fund aimed to secure a total of $500 million for investment in infrastructure facilities projects in the Middle East, North Africa and Turkey.